Digital innovation spurs gender parity in Middle East
Technology, from digital platforms to AI, offers a transformative avenue for empowering women, says Isabel Neiva of Kearney Middle East...
Business
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
Interview
Amazon extends its cloud over Middle East
Nearly two years after it set up a base in Bahrain, Amazon Web Services (AWS) has widened its footprint beyond...
- The new AWS Middle East UAE Region will have three Availability Zones and will be AWS' second Middle East region
- Customers with data residency requirements in the UAE can now store their data in the new AWS Region in UAE
Business
Saudi Arabia’s Jabal Omar secures deal to restructure $1.25bn loan
Jabal Omar Development Company, one of Saudi Arabia's largest-listed property developers, has signed a deal to restructure a SAR 4.7-billion...
- The repayments will begin after a three-year grace period, Jabal Omar said in an exchange filing
- As per the new agreement, the loan’s final maturity has been extended by three years to 2030
Business
Impossible Foods taps Bidfood UAE for local distribution
Bidfood UAE is part of the Bidcorp Group, and has officially been chosen to distribute the Impossible Burger across the...
- Bidfood will begin to distribute three of Impossible Foods’ plant-based items
- These are the Impossible Burger in 1.2-kg and 1.13-kg patties, and the Impossible Burger in bulk format of 2.26 kg
Business
Businesses in UAE will hire more staff in next 12 months: HSBC survey
Companies in the United Arab Emirates are looking to increase their revenues by as much as 50 percent and recruit...
- The research comes as business conditions in the country continue to improve on the back of easing COVID-19 restrictions and reopening of international travel
- UAE businesses are also the most confident globally about driving innovation in product and customer service (67 percent) over the next 12 months
Business
S&P says private sector lending in GCC to stay low, but Saudi Arabia to buck trend
S&P Global Ratings has forecast that private sector lending will remain muted for one to two years in GCC countries....
- It said that there had been only marginal improvement across GCC banks overall
- However, it is also expected that GCC economies will expand at an unweighted average of 1.8 percent in 2021 and 4 percent in 2022
Geostrategy
Egypt and Saudi Arabia sign $1.8bn contract for electrical connection
Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during...
- The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements
- “Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them”
Business
Fertiglobe plans IPO in Abu Dhabi
Fertiglobe is a fertilizer partnership of Adnoc and OCI.
- This offering is open to UAE citizens and residents, as well as domestic and international institutional investors
- The offer will open on October 13, subject to regulatory approvals and other relevant considerations
Business
Taxation and confiscation to rein in crypto market
Last few years have seen a lot of tension between governments and central banks around the world, on the one...
- Concerns are rising that these currencies could be used to fund illegal actions and for money laundering.
- Several countries have taken strict measures to crack down on the industry that is viewed with suspicion uniformly across the world.
Economy
Regional divergences mark global trade rebound: WTO
Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains and weigh on trade in particular areas,...
- The forecast projects export volume growth in 2021 will be 9.3% in the Middle East
- The current trade projections, according to the forecast, imply that the ratio of trade growth to GDP growth will rise to 2.0:1 in 2021
Business
FB family of apps return online after seven hours
Users of Facebook, Instagram and WhatsApp across the world, including the Gulf countries, remained heavily affected for hours.
- The outage was first reported at around 1545 GMT or 7.45pm UAE time
- Washington, Paris, Dubai and Delhi were few major cities that remained affected
Digital innovation spurs gender parity in Middle East
Technology, from digital platforms to AI, offers a transformative avenue for empowering women, says Isabel Neiva of Kearney Middle East...
Business
Company News
Latest News
ICIEC inks deal with SNB
Business
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
Economy
Boeing looks to get Starliner spaceship ready to fly by March
Right now, based on the current plans, we're anticipating that we're going to be ready with the spacecraft in early...
Business
Most Read
Business
QEWC reports 12% profit jump
The Qatari company's net profit for H1 stands at US$211.26m.
- The company's earnings per share (EPS) amounted to QR 0.70 as of 30th June 2023, as against QR 0.62 for the same period in 2022
- According to a company statement, its revenue stood at $379 million compared to $329.67 million during the same period in 2022
Business
Qatar Central Bank foreign reserves surge by 14.3% in July
Doha, Qatar - The international reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged last July to reach...
- Gold reserves rose to $6.07 billion in the month, reflecting an increase of about $1.34 billion compared to same period last year
- Balances held in foreign banks experienced a decline of $699 million, reaching $4.95 billion by the end of July
Business
Dlala posts net loss in H1
The company suffered a net loss of US$0.79 million.
- The company said its loss per share amounted to QR 0.015 as of June 30, 2023 compared to earnings per share(EPS) QR 0.018 for 2022
- In October last year, the Qatar Stock Exchange (QSE) announced the resumption of trading of the shares of Dlala Holding Company